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Wednesday, 06 May 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
 The first four months of 2015 are now behind us and they make up for a decent amount of time to look back and assess how the year is evolving so far and what could be possible ahead. January kicked off very quietly as far as SnP activity is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market. In this environment, second hand prices remained under pressure for quite a while but not as long as some were actually waiting for.
As a matter of fact, as q1 came to an end we started seeing a rebound in activity with a number of prominent Greek owners once again inspecting modern Panamax/Kamsarmax/Supramax and it seems that we could now be at a turning point as far as dry bulk asset values are concerned.
A representative sale of this recent trend is the “TORM ISLAND” (82kdwt blt 10 Japan), which gathered a lot of interest and was eventually sold at levels in xs of USD 18.0m, which is around 7% higher than what her sister vessel “TORM TRADER” (82kdwt blt 10 Japan) managed to fetch about a month earlier. In addition the “TORM ISLAND” was rumored to be inspected by more than 10 owners, most of which were Greek who were sitting on the sidelines during the past couple of years and now seem to have turned their interest in modern tonnage that seems to be on a substantial discount.
Looking at the latest sales one could be reservedly optimistic that prices appear to be stabilizing, while the most recent sales are definitely not below the respective last dones, which is pretty much what we were seeing during the past six months. This is without a doubt a positive sign as the free fall of dry bulk asset prices had caused a mini panic all around, and while it is still uncertain how things will evolve it is currently proving a much needed breather to the market. At the same time we are noticing that as far as modern sale candidates are concerned, competition between Buyers seems strong, which is resulting in higher prices in the last two Kamsarmax sales that took place. Nonetheless if one compares these prices with Sellers ideas for similar tonnage in spring last year, it is evident why current prices appear attractive.
For example a 5-yr old Japanese Kamsarmax was sold at around USD 28.0m in April 2014, which is a hefty 55% higher than the levels for similar tonnage with SS/DD passed today. At the same time it is also interesting to see that the number of up to 10-yr old Supramax up to Panamax Japanese candidates on the market is exceptionally small which is resulting to even higher competition for these ships. Saying that, when it comes to Chinese tonnage, the last six sales that took place during the past month were indeed low, with a couple of representative examples being the “HUI AN HAI”(32kdwt blt 10 China) which was sold at USD 6.8m and the “NEW SAILING STAR” (32kdwt blt10 China) which was sold for even less at around USD 6.5m.
Given the pressure the freight market remains under, it seems that prices are showing some sort of resistance for now. The million dollar question remains whether this is the bottom or if there is more downside. But if one looks at recent sales together with Buyers’ behavior on the SnP side lately, these are both hinting that market belief is that a bottom has been reached or is about to be reached. The sales that will take place next will obviously clear up any doubt.
By George Iliopoulos
SnP Broker, Intermodal
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 11 September 15
SHIPPING MARKETS SHOW MIXED EMOTIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has managed to show marginal improvements over the past few days, with the Capesize segment faring better than smaller dry bulk ...
Friday, 11 September 15
U.S'S WEEKLY COAL PRODUCTION WAS ALMOST FLAT PAST WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.6 million shor ...
Thursday, 10 September 15
U.S. H1' 15 STEAM COAL EXPORTS FELL BY 21 PER CENT Y-Y: EIA
Coal Trade
Slower growth in world coal demand, lower international coal prices, and higher coal output in other coal-exporting countries have all ...
Thursday, 10 September 15
INDONESIAN COAL BENCHMARK PRICE HITS A NEW LOW OF $58.21 PER TON
COALspot.com - The Director General of Mineral and Coal of Indonesia once a again revised down Indonesian coal benchmark price to US$ 58.21 per MT ...
Thursday, 10 September 15
IF NOT NOW, WHEN? - GIANNIS ANDRITSOPOULOS
Our industry is well known to be cyclical with some cycles lasting longer than others. Despite the fact that these shifts in the behavior of the fr ...
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- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Bhatia International Limited - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
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